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Download A Comparative Guide To Anti-Money Laundering: A Critical by Mark Pieth PDF

By Mark Pieth

All of the significant monetary centres have skilled an increase in anti-money laundering ideas and rules. firstly, anti-money laundering legislation have been used as a weapon within the conflict on medicinal drugs, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors show, have had critical results for banks and different monetary associations - affecting not just revenue margins but additionally the best way company is carried out. Topical and pertinent concerns addressed during this e-book contain questions comparable to, has the entire contemporary legislative job particularly placed a cease to the matter? Are the foreign ideas being carried out as conscientiously as they need to? How point is the enjoying box in go border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, move border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the us. Going past the simply descriptive, there are comparative analyses of those international locations opposed to latest foreign criteria - with illuminating effects. This new publication is stuffed with unique perception and research and may be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in financial crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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Extra resources for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA

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6 broke away from the confines of the Vienna Convention: The legal definition of predicate offence according to Art. 1(e) refers to ‘any criminal offence’, whereas Art. 6, para. 4 grants parties the right to restrict the scope of predicate offences to certain categories contained in a declaration addressed to the Secretary General of the organization when depositing the instrument of ratification. The breakthrough to enlarge the scope of predicates was achieved in 1996 within the FATF, when some key countries decided to abandon the previous restrictions.

111 The work on money laundering related to corruption led to the creation in 1999 of an industry group, the Wolfsberg Group of Private Banks. The nongovernmental organization, Transparency International (TI) and two experts made the suggestion to several large international banks that they should get together to develop common standards on money laundering (incidentally thereby also reducing the risks of money laundering related to corruption). 112 Even if this text – as a private agreement – is not in the same league with the intergovernmental instruments, it has greatly contributed to the discussion on CDD; the participant banks are pledging to live up to their standards on a world-wide basis in all their subsidiaries, including those in International standards against money laundering 25 OFCs.

30–40). It will be noted that the rules initially applied only to banks and were then gradually extended to ‘Non-Banking Financial Institutions’ (NBFIs) and ‘Non-Financial Institutions’ (NFIs), a process driven by interpretative notes and ultimately, the revisions of the Recommendations in 1996 and 2003, recognizing the fact that money launderers were increasingly making use of non-banks for their purposes. The five main obligations for financial institutions defined in 1990 are still fundamental for the currently applicable standards: • • • • Customer identification Increased diligence in unusually large transactions Register the information on counts 1 and 2 and keep for five years Inform specialized national body in case of suspicious transactions or patterns of such transactions • Organize in-house compliance and training structure.

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